Rambler Metals & Mining Plc

Rambler Metals & Mining Plc

August 12, 2009 09:30 ET

Rambler Begins Negotiating the Details of a Sale and Purchase Agreement With Crew Gold Corporation for the Nugget Pond Processing Facilities

LONDON, ENGLAND and BAIE VERTE, NEWFOUNDLAND AND LABRADOR--(Marketwire - Aug. 12, 2009) - Rambler Metals and Mining plc ('Rambler') (TSX VENTURE:RAB)(AIM:RMM) is pleased to announce that it has entered into exclusive negotiations with Crew Gold Corporation (TSX:CRU)(OSLO:CRU)(FRANKFURT:KNC)(PINK SHEETS:CRUGF) (Crew) for the purchase of the Nugget Pond processing facility (the 'Facility') situated on the Baie Verte Peninsula in Newfoundland, just 40 km's from Rambler's Ming Mine.

Crew received Rambler's original bid for the facility in April 2009, however the previous owner of the facility was entitled to exercise a Right of First Refusal to reacquire the assets under the same conditions of the sale and purchase. On 7 August 2009, the previous owner confirmed they were unable to exercise this Right thereby allowing Rambler to enter into final negotiations with Crew for this asset. The acquisition of the facility will give Rambler immediate access to the site allowing a retrofit of the existing CIL Gold Mill with the addition of a copper flotation circuit. The retrofit will not affect the current operation of the facility as Crew Gold currently toll mills ore from the Pine Cove Gold Mine under an agreement scheduled to expire on 30 June 2010.

George Ogilvie, President and CEO commented;

"The eventual acquisition of the facility provides an attractive opportunity for the Company and would greatly improve project economics. The mill is in excellent condition and operates to high environmental standards. Its location and milling infrastructure is well suited to Rambler's operations on the Baie Verte Peninsula. "

About the Company

The Rambler property had been a former underground copper and gold producing property that ceased production when the deposit reached a then third party property boundary. This neighbouring property was subsequently consolidated before being brought into the Company. The Company now owns a 100% interest in the property.

The principal activity of the Group is carrying out development and exploration on the Rambler Property a mineral exploration property located on Newfoundland and Labrador's Baie Verte Peninsula.

Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Rambler Metals and Mining
    George Ogilvie, P.Eng.
    President and CEO
    Canada Limited


    Rambler Metals & Mining Plc
    Leslie Little
    Company Secretary
    +44 (0) 20-7661-8104


    Seymour Pierce Limited
    Nandita Sahgal
    +44 (0) 20-7107 8000


    Pelham Public Relations
    Chelsea Hayes/Klara Kaczmarek
    +44 (0) 20-7337-1523 /20-7337-1524